Dramatic about-turn from the US

In a striking change of tone, he said he wants America to be part of a global climate deal when the first period of the Kyoto Protocol ends in 2012. And he has offered to lead a new process under which the world\'s leading 15 emitters of greenhouse gases – including China and India – will be invited to Washington to discuss what they can do to cut emissions. He wants that group to reach a consensus on a framework for tackling climate change within 18 months. In the meantime each nation would set ‘midterm’ goals ‘that reflect their own mix of energy sources and future energy needs’. But critics accused the President of attempting to divert attention from next week\'s meeting of the G8 leading nations, where Bush will be under intense pressure to accept caps on American emissions of greenhouse gases and to join the global system of trading carbon emissions credits which is channelling billions of dollars into clean development in poor countries. Full BBC News report

Leaders of the G8 industrialised nations see the US proposal as an important, if largely symbolic, step forward in the global fight against climate change. A Business Day report notes that German Chancellor Angela Merkel called the initiative ‘an important statement’ but gave no sign of backing off German efforts to secure a binding G8 agreement on limiting carbon emissions. Merkel said the G8 leaders meeting at this week\'s summit in Heiligendamm, Germany, would have to make great efforts to find a common commitment. However, some environmental groups saw Bush\'s initiative as a cynical ploy to excuse the US from tougher emission reduction agreements currently under discussion. Full Business Day report

Critics contend that Bush\'s proposal would undermine the role of the UN as the main forum for climate negotiations, reports The New York Times. Convening the largest emitters in the US would create a parallel round of talks, they claim. Michael Muller, Germany\'s Deputy Environmental Minister, said: \'Our first point is that this must happen within the context of the UN. Our second point is that to wait until 2008 is too long.\' But Senior White House officials have denied that there was any intent to undermine the UN-sponsored talks under the original climate treaty. Full report in The New York Times

In an open letter to the G8, the Institutional Investors Group on Climate Change, who collectively hold €3trn in assets, asked for a strong policy framework that would tackle carbon emissions effectively, while providing stability for investment decision-making, BBC News reports. The group said it wanted the G8 summit to decide upon major aspects of a new Kyoto agreement, in advance of the UN meeting in Indonesia in December. Full BBC News site report

Rich nations have been told they should cough up. International aid agency Oxfam says that because they are largely responsible for global warming, they should foot the estimated $50bn a year bill, notes a report on the News24 site. Oxfam researcher Kate Raworth said that G8 countries face two obligations at the summit: to stop harming by cutting emissions to keep global warming below 2C and to start helping poor countries to cope. Oxfam has created a global warming adaptation financing index based on the responsibility, equity and capability of each nation. It said after the US at 44%, Japan owed 13% of the bill, followed by Germany on 7%, Britain just over 5%, Italy, France and Canada between 4% and 5% and Spain, Australia and Korea 3%. Full report on the News24 site

Finally, Desmond Tutu has warned that world leaders who continue to ignore the reality of climate change are committing a sin against the children of the world, The Star reports. Delivering a special sermon in Norway on the eve of World Environment Day, Tutu called on political leaders to provide firm dates and targets for reducing their carbon emissions in terms of the Kyoto Protocol. Full report in The Star